Studds Accessories IPO: Know key strengths, risks before you invest

Studds Accessories IPO: The initial public offering (IPO) of two-wheeler helmet manufacturer Studds Accessories will open for bidding on Thursday, October 30, 2025. The public issue worth ₹455.5 crore comprises the entire offer for sale of 7.8 million equity shares. 

 

Under the Offer for Sale (OFS), promoters Madhu Bhushan Khurana, Sidhartha Bhushan Khurana, and Chand Khurana, along with investors Sanjay Leekha, Sanjay Leekha, Charu Leekha, Charu Leekha, Nisha Leekha, Nain Tara Mehta, SE Shoes, Sunil Kumar Rastogi, and Ajay Kumar Sakhuja, will sell a portion of their stake.

 

The three-day subscription window is scheduled to close on Monday, November 3, 2025. The basis of allotment of shares is likely to be finalised on Tuesday, November 4, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Friday, November 7, 2025.

 

 

Studds Accessories IPO is available at a price band of ₹557 to ₹585 per share, with a lot size of 25 shares. 

 

MUFG Intime India is the registrar for the issue. IIFL Capital Services and ICICI Securities are the book-running lead managers.

 

According to RHP, the company will not receive any proceeds from the public offering, and it will be given to promoters and investors selling their shares through the OFS.

Here are the key risks to know before investing in the Studds Accessories IPO:

Operational risk: The company's manufacturing facilities are all located in Faridabad, Haryana, making its operations vulnerable to disruptions in this area. The facilities face various operational risks. Any disruption, such as strikes or work stoppages, could negatively impact its business, operations, and financial condition. Concentrating all facilities in a single location also exposes them to the risk of a complete shutdown from a major natural or catastrophic event.

 

Supply-chain impact: The company generally does not enter into long-term agreements with its raw material suppliers, instead procuring on an order-by-order or spot basis. Most raw materials are sourced from India, with a smaller portion imported from China, Japan, Thailand, and the Netherlands. There is no assurance that supply disruptions will not occur, or that alternative suppliers of comparable quality and price could be found in such an event.

 

Demand risk: Studds Accessories faces constantly changing demand and preferences for two-wheeler helmet designs, requiring continuous innovation to enhance fit, comfort, and technology. Failure to anticipate market trends or update existing products could negatively impact sales.

 

Regulatory risk: The company is required to obtain various third-party certifications, including BIS in India, ECE in Europe, Philippine Standard in the Philippines, and SNI in Indonesia. Specific products may require additional certifications based on customer requirements. Third-party agencies may withhold certification if the company fails to address any issues they raise.

Here are the key competitive strengths of Studds Accessories, as per the RHP:

Largest domestic player of two-wheeler helmets: Studds Accessories is the largest two-wheeler helmet manufacturer in India by revenue in FY24 and the world’s largest by volume in CY24, according to a CARE Report. With nearly five decades of experience, the company sold approximately 7.40 million helmets in FY25.

 

Advanced manufacturing and D&D capabilities: The company’s vertically integrated manufacturing, including EPS liner production, in-house stitching, decal facility, mould shop, design centre, and testing labs, allows greater process control, faster prototyping, and quicker product development. Backward integration enhances cost efficiency and quality control. As of August 2025, the dedicated design and development team comprises 19 designers and 56 other members.

 

Extensive distribution reach: The company has an extensive distribution network, selling its products through distributors, OEMs, exclusive brand outlets (EBOs), online retailers, and quick commerce platforms. As of August 2025, Studds has partnerships with 363 active distributors across India and key export markets, with some relationships extending over 45 years. In addition to distributor channels, the company also sells directly to institutional and government customers, including the Central Police Canteens and the Canteen Stores Department (CSD).